August 24, 2018

Bharat Nidhi - Decision Before 24/09/18 to Delist or Relist

April 21, 2018

Bharat Nidhi Shareholders to Benefit From Hon'ble Delhi High Court Order

In a significant order pertaining to investors' fraud through the Securities Exchange Board of India (SEBI), the Delhi High Court has reprimanded at least 60 defaulters who through a firm Bharat Nidhi Limited had fraudulently submitted documents that it was enlisted at a Rs non-existent' Calcutta Stock Exchange.

The court has asked them to file affidavit within four weeks and spell out the exit route to be given to its investors as per the SEBI directives, which however has been confronted by the investors that SEBI was at fault for enlisting them even though they did not met certain conditions.

The relief, if granted, will be in the interest of hundreds of shareholders worth thousands of crores of investments and will uphold the mandate of Section 11 of SEBI.

Following the High Court reprimanding last month, SEBI has assured the court that 63 companies will be brought back within 15 days from Calcutta Stock Exchange (CSE) to dissemination board of nationwide stock exchange. SEBI has also committed to the Court to take actions against defiant companies who are not giving exit route to investors.